The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-03-19
The SULLY SYNDICATE
DISPLACED By THE STAYNER-
IVES "COMBINB,"
Who Have Made Deposit OF $780,
900, and the B. end o. Will
Soon Be Transferred.

Of the Baltimore and Ohio railroad
hsd been completed; that that road
had been bought by the Stsyner-Ivts
syndicate; that tie first deposit OF
$500, 900 had already been paid, and
that the transfer OF the road to the
purchasers would soon BIS made. The
buyers are known only by their con-
nection with the purchase Of the Gin.
cinnati, Hamilton and Dayton rail-
road. The hacker Of these parties Is
reported to be Christopher Meyer, the
millionaire rubber manufacturer OF
this city. There are, II ia asserted, no
other parties back OF the purchase of
any Importance. and although q. P.
Huntington's name Is coupled with
the Hamilton and Dayton railroad,
he officially denies the connection,
and those nearest to him assert 10
their personal friends that he has no
connection whatever with the syndi-
cate. The parties holding the option
on the road at fret asked an extension,
but when Mr.. Garrett explained that
such large block could not remain
tied up they withdrew their request
A prominent member OF the Rich nond
Terminal makes the following state
ment: "rhe rumors OF dissension In
tho Board OF Directors are absolutely
unfounded, and the utmost confidence
In President Sully prevails among the
members, and tbs Executive Commit
tee recently appointed was intended
to, and do, harmoniEs all elements
represented in the board. In taking
from Mr.. Garrett Gn option to pur-
chase the control Of the Baltimore and
Ohio railroad in behalf OF the Rich
mond and West Point Terminal road,
Mr.. Sully acted for the best interests
OF that company and with the knowl-
edge OF all members OF the board, and
the only hesitation on the part OF the
Terminal people 10 conclude the bar
gain with Mr.. Garrett, was tina
not sufficient time had been
given to make thorough examina-
ton of the property to be required"
He made the further stateme mt that 1t
was through Mr.. Sully that the com.
pany was freed from all entangle.
ments; that it was enabled to acquire
the Richmond and Danville stock, Of
which more than 42,000 shares out Of
Its issue OF $4,000 shares are now
owned by the Terminal Company, and
that 1t was owing to his effort that the
control OF the East Tennessee had
been acquired. So far from any evil
dence OF disaffection or discomfort be-
ing manifested by the stockholders,
the warmest expressions OF confidence
In the president are constantly re-
ceived. For the first time since the
Baltimore and Ohio deal has been
pending Mr.. Sully today broke his
silence 80 far as to say: Eyes, l
see that other parties claim to have
purchased the control OF the Baltimore
and Ohio. / think they have made
a deposit on account. When the Ter
minal Company decided not to exer-
else their option / told the Baltimore
and Ohio people that while We unan-
imously desired to combine our termi-
nal properties with the Baltimore and
Ohio prop erty, yet We could not ask
them to consider themselves in any
way bound 10 leave the matter open.
Therefore, II any disposition has been
made, IL is perfectly proper and right.
| L u6ll0N0 buO hLhhlkhlhhbiUu VI ulNl-
dend earning railroads into strong sys-
TENS cannot but add siren. tn, pow or
and increased earnings, with resulting
economies. Ii each separate property
is self sustaining and revenue produc
ing, then combining their traffic
must add to the strength and
net earnings OF each part, pro.
vided, of course, that the natural
laws governing their traffic favor such
combin alton. The experience with
railroads in Great Britain indorses the
wisdom OF combining railroads into
systems. Although protected there
by the necessity OF having special
charters for tho construction OF new
roads, yet those built have passed
through competitive wars such as have
depleted those of the u nited States
Finally they have. found their saliva
ton in being massed into syatems, Ir
my opinion all the railroads Of any
note In the United States within the
next twenty years will be combined
into less than twenty great systems
There is nothing in this policy operat.
ing against the interests OF the people
The people do not want poor, weak
emasculated roads, unable to dc
bushes. eafely. What the peo
pie need is strong, powerful rail
road companies with the means ia
furnish the very best appliances fol
the safe, comfortable and rapid car
riage of passengers and freight. New
Orleans ia elamorous for fast mai
| .,w-iaA Hnuw nm 10 ha aNNr1aI 70 IA
must pass over half dozen different
railroads each having different inter
ests and naturally warning with each
other. Combine these roads into ont
system and you have q powerful cor
poration anxious TO serve the public
to create and maintain the very best
service and thereby derive the bes
revenue. think time will yet brinI
the Baltimore and Ohio into the Ter
minal system. The Terminal Com
pany now own 1900 miles OF road, auC
an alliance Of this rosd with the Balti
more and Ohio would be of immensl
value t. that property as we'll as the
city of Baltimore"
A sterling loan OF g., 800, 900 on Gin
Cinnati, Hamilton and Dayton stock i
reported to have been made to the
syndicate, the meney to be used II
payment Of the Baltimore and 0hit
stock. All the other railroad and tele
graph officials deny that they have
any interest In the deal. 1t is stateC
that the purchasers are busily engages
in attempts to raise the balance OF tn,
$1,000, 900, which ia to be paid Of
Monday. II ia also alleged that the.
are mortgaging the Baltimore ant
Ohio property beforehand In order +
raise the money, and that rs soon a
they can get control disinte grafton o
the road will begin.
At the Windsor Hotel and other NJ
, town resorts Of Wall street men tn
burden OF all talk was the purchase o
the Baltimore and Ohio property. Tn
general impression among the oul
siders was that the Ives Stayner-Mey
er Syndicate had bee >me the purchas
| inc narty Int no one waR found VIII